Latex paint won't stick to the paintable caulk? whats wrong?

So, i caulked all the cracks in the moldings this morning ( granted, pretty tthicklayer, cuz the holes between the moldings and the walls were significant) and now i am trying to paint them, however, the paint kind of spreads out and curdles,,,It had been over 8 hours since I put caulk on...what did I do wrong and how do I fix it? Thanx